Developer buys St. Pete property in $16.5 million deal for 304-unit affordable housing complex
/The site is currently home to JB Factory Flooring and Studio Physique, a fitness studio | GOOGLE EARTH
Houston-based The Hanover Company, a private real estate developer, has purchased a retail plaza that is expected to be redeveloped into a 304-unit affordable housing community.
The group has acquired the 8.95-acre site at 3100 22nd Avenue North in North Kenwood for $16.5 million from ZSPR PROPCO of Tampa LLC, according to a deed recorded on August 4th. The existing 71,064-square-foot retail plaza previously housed JB Factory Flooring, Studio Physique, and a MetroPCS store.
The Hanover Company also took out a $46.92 million loan from Texas-based Comica Bank.
The company’s redevelopment plans, which were filed in 2024, represented the first Live Local Act application received by the City of St. Petersburg.
A site plan of the 304-unit complex consisting of four apartment buildings and amenities | The hanover company
Under the Live Local Act, the project is exempt from administrative approval and the standard municipal approval process required for new development, as long as at least 40% of the apartments are reserved for households earning no more than 120% of the area median income (AMI) for at least 30 years.
The proposed development will include 304 apartments, which consist of 196 one-bedroom apartments and 108 two-bedroom apartments. All 304 units are expected to rent to households earning at or below 120% of the area median income (AMI).
The community will include four four-story apartment buildings, a clubhouse and leasing office building, and several one-story garage buildings. Amenities will include a swimming pool, fitness center, resident clubhouse, outdoor seating areas, and a dog run.
eLEVATIONS OF THE PROPOSED DEVELOPMENT | The Hanover Company
A total of 448 parking spaces will be included along with 320 bicycle parking spaces. The buildings will reach a maximum height of 41 feet.
The Hanover Company is also utilizing the Live Local Act to build a 384-unit apartment community with affordable housing in Pinellas Park.
The project would be built on a vacant 24.31-acre site near the intersection of Gateway Centre Boulevard and US 19, within the Gateway Centre Business Park.
